Draper Predicts Bitcoin Could Reach $250,000

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: 2 days ago

Should l Buy BTC?

Price Prediction: Draper forecasts that Bitcoin will reach $250,000 within the next 18 months, attributing this to increasing global adoption and weakening fiat currencies, which are expected to drive demand and solidify Bitcoin's market position.
Historical Context: Draper first attempted to acquire Bitcoin when it was priced at $4, partnering with Peter Viscenne for mining, but faced delays in hardware delivery, resulting in losses during the Mt. Gox collapse.
Auction Purchase: In 2014, Draper purchased Bitcoin at $632 each through a US Marshals auction, subsequently predicting a $10,000 price within three years, which was achieved, demonstrating his keen market insight.
Confidence Reaffirmed: Although Draper acknowledges that past forecasts may not have been accurate, he reaffirms his confidence in the current target, emphasizing analysis based on adoption data and currency trends, suggesting a bright future for Bitcoin.

Get Real-Time Alerts for Any Crypto Movement

Monitor assets like BTC with instant alerts on price breakouts and whale movements. Don't let a 24/7 market leave you behind.

Technical Analysis for BTC

Technical Sentiment Analysis for Bitcoin (BTC). As of , Bitcoin (BTC) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 8 technical signals, shows that 3 indicators are flashing buy, while 5 are indicating sell.

Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for BTC stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.

Support, Resistance & Moving Averages. From a structural perspective, BTC is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.

Bitcoin (BTC) Support & Resistance Level

Name	S3	S2	S1	Pivot Points	R1	R2	R3
Classic	64907.237	67686.618	70479.237	73258.618	76051.237	78830.618	81623.237
Fibonacci	67686.618	69815.122	71130.114	73258.618	75387.122	76702.114	78830.618

About BTC

Bitcoin is a decentralized cryptocurrency originally described in a 2008 whitepaper by a person, or group of people, using the alias Satoshi Nakamoto. It was launched soon after, in January 2009.Bitcoin is a peer-to-peer online currency, meaning that all transactions happen directly between equal, independent network participants, without the need for any intermediary to permit or facilitate them. Bitcoin was created, according to Nakamoto’s own words, to allow “online payments to be sent directly from one party to another without going through a financial institution.”Some concepts for a similar type of a decentralized electronic currency precede BTC, but Bitcoin holds the distinction of being the first-ever cryptocurrency to come into actual use.

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

GET FREE REAL TIME NOTIFICATIONS

Stock Monitor for BTC?

Get Started Free

FREE STOCK RECOMMENDATIONS DAILY

Stock Bullish Tomorrow

Get Started Free

70% BACKTESTED ACCURACY!

Should I Buy BTC?

Get Started Free